SpaceX Is Selling A Planet‑Shifting Vision — The Profits Come From Wi‑Fi

SpaceX's $75 billion IPO debuts Friday at $135/share with massive oversubscription, but the valuation appears disconnected from fundamentals. While Starlink generates strong profits ($4.4B operating income), the company's $26.5 trillion AI TAM is largely speculative. Analysts suggest the stock will likely trade above IPO price due to retail demand and scarcity, not valuation merit, with fair value estimated 55% below the offering price.